It also increases trust due to the participation of central banks in the system. He added that the project is based on establishing a clearing chamber for COMESA countries. Through that chamber, all payment operations between banks in the region will be carried out. Each central bank will play the role of a correspondent for the commercial banks affiliated to it. Under these arrangements, each central bank will implement payment, receiving, and money transfer operations of trade banks in its country with the trade banks from other COMESA countries.

Source: Daily News Egypt June 04, 2017 13:30 UTC